[Federal Register Volume 85, Number 83 (Wednesday, April 29, 2020)]
[Notices]
[Pages 23831-23832]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-09096]


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FEDERAL RESERVE SYSTEM

[Docket No. OP-1699]

FEDERAL DEPOSIT INSURANCE CORPORATION

RIN 3064-ZA15


Guidance for Resolution Plan Submissions of Certain Foreign-Based 
Covered Companies; Extension of Comment Period

AGENCY: Board of Governors of the Federal Reserve System (Board) and 
Federal Deposit Insurance Corporation (FDIC).

ACTION: Proposed guidance; extension of comment period.

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SUMMARY: On March 18, 2020, the Board and the FDIC (together, the 
agencies)

[[Page 23832]]

published in the Federal Register a document entitled ``Guidance for 
Resolution Plan Submissions of Certain Foreign-Based Covered 
Companies'' (document). The document invited comments on proposed 
guidance for the 2021 and subsequent resolution plan submissions by 
certain foreign banking organizations. The proposed guidance is 
intended to assist these firms in developing their resolution plans, 
which are required to be submitted pursuant to Section 165(d) of the 
Dodd-Frank Wall Street Reform and Consumer Protection Act. The document 
provided for a comment period ending on May 5, 2020. The agencies have 
determined that an extension of the comment period until June 4, 2020, 
is appropriate. This action will allow interested parties additional 
time to analyze the proposal and prepare and submit comments.

DATES: The comment period for the document entitled ``Guidance for 
Resolution Plan Submissions of Certain Foreign-Based Covered 
Companies,'' published on March 18, 2020 (85 FR 15449), is extended 
from May 5, 2020, to June 4, 2020.

ADDRESSES: You may submit comments by any of the methods identified in 
the proposal.

FOR FURTHER INFORMATION CONTACT:
    Board: Mona Elliot, Deputy Associate Director, (202) 452-4688, 
Division of Supervision and Regulation, Laurie Schaffer, Deputy General 
Counsel, (202) 452-2272, Jay Schwarz, Special Counsel, (202) 452-2970, 
Steve Bowne, Senior Counsel, (202) 452-3900, or Sarah Podrygula, 
Attorney (202) 912-4658, Legal Division. Users of Telecommunications 
Device for the Deaf (TDD) may call (202) 263-4869.
    FDIC: Alexandra Steinberg Barrage, Associate Director, Policy and 
Data Analytics, abarrage@fdic.gov; Ronald W. Crawley, Jr., Senior 
Resolution Policy Specialist, rcrawley@fdic.gov; Celia Van Gorder, 
Senior Counsel, cvangorder@fdic.gov, (202) 898-6748 or Esther Rabin, 
Counsel, erabin@fdic.gov, (202) 898-6860, Legal Division, Federal 
Deposit Insurance Corporation, 550 17th Street NW, Washington, DC 
20429.

SUPPLEMENTARY INFORMATION: On March 18, 2020, the agencies published in 
the Federal Register \1\ a document inviting comments on proposed 
guidance meant to assist certain foreign banking organizations in 
developing their 2021 and subsequent resolution plans. These resolution 
plans are required to be submitted pursuant to Section 165(d) of the 
Dodd-Frank Wall Street Reform and Consumer Protection Act.\2\
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    \1\ Guidance for Resolution Plan Submissions of Certain Foreign-
Based Covered Companies. 85 FR 15449 (March 18, 2020).
    \2\ 12 U.S.C. 5365(d).
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    The document stated that the comment period would close on May 5, 
2020. Since the issuance of the proposed guidance, the COVID-19 global 
pandemic has substantially disrupted activity in the United States. The 
effects of the COVID-19 emergency have created many challenges for 
households and businesses, and an extension of the comment period will 
provide additional opportunity for the public to prepare comments to 
address the matters raised by the document. Therefore, the agencies are 
extending the comment period for the document from May 5, 2020, to June 
4, 2020.

    Board of Governors of the Federal Reserve System.
Ann E. Misback,
Secretary of the Board.

Federal Deposit Insurance Corporation.
    Dated at Washington, DC, on April 23, 2020.
Robert E Feldman,
Executive Secretary.
[FR Doc. 2020-09096 Filed 4-28-20; 8:45 am]
BILLING CODE 6210-01-P; 6714-01-P